City of Columbus Creates Recovery Fund for Small Businesses

The City of Columbus is creating three new small business recovery programs to provide funding for businesses affected by the pandemic. The $5.25 million Columbus COVID-19 Small Business Response and Recovery Fund is designed to help businesses provide financial relief, retain or create jobs, and make necessary health and safety improvements.

Funding is available in three categories:

• Small Business Recovery Grants will provide up to $10,000 grants for businesses in low- to moderate-income areas to help retain employees.

• The Small Business Pivot Loan Program will provide up to $20,000 loans for businesses in low- to moderate-income areas that can be used to retain jobs or expand into new markets.

• Small Business Return Safely (Personal Protection Equipment) Grants will provide up to $5,000 in matching funds to help pay for personal protection equipment or other health and safety improvements.

The city is prioritizing funding for businesses with fewer than 5 employees, and businesses with fewer than 25 employees may apply for the funding. Applications can be made through the city’s Small Business Economic Development Office beginning on June 9.

The $5.25 million in funding is part of the $157 million which the city received from the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.